PPP, Other Federal Programs Supported Over 100K Connecticut Firms

05.10.2021
Small Business

More than 100,000 Connecticut small businesses have received almost $10 billion in Paycheck Protection Program funds.

The first round of PPP loans provided $6.7 billion to over 64,000 Connecticut businesses and entities, according to the U.S. Small Business Administration.

Congress approved the initial round of PPP lending through the Coronavirus Aid, Relief, and Economic Security Act in March 2020.

The second round of PPP lending provided another $3.1 billion to over 50,000 companies across Connecticut.

The Economic Aid Act, the American Rescue Plan Act, and the PPP Extension Act of 2021 reauthorized and augmented the forgivable loan program to meet continued demand from struggling small businesses.

Additional Funding

Over 36,000 Connecticut small businesses also received a total of $2.2 billion in Economic Injury Disaster Loans since the pandemic began last March.

The SBA also launched the Shuttered Venues Operators Grant last month, the first of its kind for the agency, providing $16 billion in funding to support the country’s arts community, including music venues and theaters.

The SBA has provided over $12 billion in federal relief for Connecticut small businesses sine the pandemic began.

The SBA also opened the $28 billion Restaurant Revitalization Fund May 3 to provide funding equal to pandemic-related revenue losses up to $10 million per business and no more than $5 million per physical location.

“The SBA, once seen as only a lending guarantor, has been at the forefront of economic relief for Connecticut small businesses, providing over $12 billion in federal relief since the start of the pandemic,” said Catherine Marx, director of the SBA Connecticut district office.

Partners

Marx attributed that success to SBA Connecticut’s resource partners—SCORE, the Small Business Development Center, the Women’s Business Development Council, and the Entrepreneurial Center and Women’s Business Center at the University of Hartford’s Barney School of Business

She also singled out Connecticut chambers of commerce, the state Department of Economic and Community Development, as well as business alliances and associations.

“As Connecticut reopens May 19, SBA Connecticut will continue to empower entrepreneurs and small business owners through our traditional lending programs and technical assistance resources,” Marx said.

“There is a light at the end of this pandemic tunnel and the SBA is here to help small businesses get back on track.”

Learn more about SBA COVID-19 relief options.

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